Summary:

According to the Ministry of Finance, India's seafood exports in the first half of FY25 reached Rs. 60,000 crore (US$ 6.93 billion). This comes ahead of the Union Budget 2025, which includes plans to enhance global competitiveness, such as reduced customs duties. Frozen prawns have been the primary contributor, accounting for roughly two-thirds of total exports.

In FY24, India exported 1.78 million metric tonnes of seafood worth Rs. 60,523.89 crore (US$ 6.99 billion), representing a 2.67% volume growth despite challenges. The government recommended a 5% reduction in Basic Customs Duty (BCD) on key prawn and fish feed production inputs. Tax changes, including reductions on feed components, were also implemented. The United States is the largest importer, accounting for 34.53%, with frozen prawns making up 91.9% of exports to the nation.

Source: IBEF

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